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Database administration: Causes of Oracle buffer busy waits

One of the most confounding problems with Oracle is the resolution of buffer busy wait events. Buffer busy waits are common in an I/O-bound Oracle system, as evidenced by any system with read (sequential/scattered) waits in the top-five waits in the Oracle STATSPACK report, like this:

The main way to reduce buffer busy waits is to reduce the total I/O on the system. This can be done by tuning the SQL to access rows with fewer block reads (i.e., by adding indexes). Even if we have a huge db_cache_size, we may still see buffer busy waits, and increasing the buffer size won't help.